Press release
Porcine Vaccine Market Worth US$926.2 mn by 2024
All these players are working on building diverse product portfolios, indulging in mergers and acquisitions, and investing in research and development activities in order to launch new and more effective vaccination for porcine. For example, Boehringer Ingelheim GmbH launched two new porcine vaccines ReproCyc and Ingelvac.
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According to Transparency Market Research, the North America porcine vaccine market is likely to witness growth at a CAGR of 5.3% within the forecast period from 2016 to 2024. In 2015, the market was valued at US$540.9 mn, which is expected to reach around worth US$926.2 mn by the end of 2024. Geographically, the market is dominated by the U.S. It had a share of 63.0% in 2015. The market is anticipated to grow with a CAGR of 6.6% in coming years. Moreover, in terms of technology used, live attenuated vaccines are foreseen to exhibit growth with a robust CAGR of 5.9% within the forecast period.
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Rise in prevalence of Swine Diseases to Propel Market growth in Coming Years
The market for porcine vaccines in North America is predominantly driven by the rise in prevalence of swine illness and the constantly growing demand for meat and gelatin in the market. Due to globalization and rapid change in atmosphere, the rate of outbreak of various ailments in animals are on the rise. These diseases are transmissible to humans. Since, pigs are an exceptionally popular source of red meat, consumed in high volumes around the world, the market for porcine vaccine is expected to be boosted in the near future. Zoonotic infections in this class of domesticated animals can be exceedingly wrecking for humans as well.
High Maintenance and Storage Expense to Hamper Market Growth in Future
Proper handling and storage of vaccines holds an important role in achieving high success rate against any vaccine-preventable illness. It is of absolute necessity to strictly comply with proper storage and handling process. Otherwise it causes loss of several dollars in revaccination and waste vaccine, requires keeping up proper cold chains. Such cold chains are required in all nodes of the supply network, beginning from the makers to the healthcare providers. The high expenses of maintaining and handling storage conditions is one of the major drawbacks experienced by the North America porcine vaccine market. This factor is anticipated to hamper the market’s development to some degree within the forecast period.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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